(a) The 2008 Housing Act Volume Cap shall be allocated one hundred percent (100%) to the Arkansas Development Finance Authority to finance qualified housing issues.
(b) The authority may carry forward the 2008 Housing Act Volume Cap as provided in 26 U.S.C. § 146(f)(6), as in effect on January 1, 2009.
(c) The authority, by resolution of the Board of Directors of the Arkansas Development Finance Authority, may assign any portion of the 2008 Housing Act Volume Cap to one (1) or more other bond issuers in the state for the purpose of financing qualified housing issues.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 5 - Arkansas Development Finance Authority
Subchapter 6 - Allocation of State Ceiling
§ 15-5-601. Bonds affected — Definitions
§ 15-5-602. Delegation of functions
§ 15-5-603. Aggregate percentages allocated
§ 15-5-604. Filing by issuer of reservation of volume cap and notice of issuance of bonds
§ 15-5-605. Special rules for allocation of volume cap for multifamily residential housing bonds
§ 15-5-606. Balance of state ceiling — Carryforwards